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20121202
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Search Results 0 to 49 of about 53 (some duplicates have been removed)
CSPAN
Dec 9, 2012 6:55pm EST
their parents. this. the weekend the american economy is not creating any jobs of any kind -- enough jobs of any kind. to many americans cannot have the skills they need. the path to a prosperous middle class is a combination of a vibrant economy that creates and positive role. federal policies on the national debt, taxes and regulations, allclass job creation. opening and growing a business. they are afraid of getting hit with a massive tax increase to pay off this debt. one of the leading causes of our growing future debt is the way medicare is currently designs for the future -- designed for the future. the sooner we act, the likelier we can do it without making any currently in the system, like paul ryan's and my mother. a complicated tax code is also hampering the creation of jobs. you cannot open a business if uncertain. that is allied i oppose the present's plans to raise taxes the -- that is why i oppose the dent in the debt. over half of the private sector workers and america work for the plans will raise taxes on. we should a follow the examplewe should keep rates low on everyone, simp
CSPAN
Dec 8, 2012 6:00am EST
% -- 10%, 20%, 40%. it is not too much to ask. we could see the economy and americans with some certainty. >> do you think the economy stays or goes down in little bits? do you believe the economy could withstand the effects of allowing the bush tax cuts to expire for all americans, even temporarily? >> that is not all of the discussion. the fiscal cliff would affect 27 million american families. there are other parts of this. when you hear about the fiscal cliff, it is not really the tax rate. i do not buy that at all. i do not think we need to increase these tax rates. >> if you go over and the tax rates go up on everyone and all that goes away -- >> i do not think we should do it. i think we should resolve this. it depends on if we do something about it in the next month or two after that. if we do something in 30 days or 90 days and we are clear about that, but nothing people believe we are going to do something until we do it. >> the to go to the broader concern. does the top rate have to end the 39.6% the way it was under bill clinton? could be democrats accept something between if
CSPAN
Dec 6, 2012 6:00am EST
be aboutthe economy and working americans, 98% pass the bill. they have the assurance that they will not be subjected to an increase in taxes january 1. this will give them confidence and it will add immeasurably to the confidence of our economy and that is why we ought to do it. it is not a question of a tactical advantage. it is a question of whether working americans will have the assurance that they will still have the resources to anticipate growing the economy. >> every movement has to have an answer. why can we come together as the american people want us to? i think that we continue to focus on the middle class. we continue to defend and stand for the middle class moving towards what we have in the fall right now with the mohsen -- the motion to discharge. but as the legislation that has already passed the u.s. senate. we should move on that and then we have other things to deal with this year. to send a message to the american people, it is time to move forward and get down to doing the business of the people of this country. >> i don't think the issue of disp
CSPAN
Dec 7, 2012 6:00am EST
a tremendous opportunity to make sure that we hand off a thriving economy to our kids. i mentioned that it we were to run $600 billion deficit for the next 10 years, by the end of that, the debt -- it would lower our gdp forecasts. if we were to cut with the fiscal consolidations that $600 billion deficit to $300 billion, we would be buying future generations gdp growth in the long run. by about half a% per year. it is ultimately a question of what kind of world we want to live in 10 years from now. if you want to look like the way europe has been growing, we will have a small consolidation, such as the small consolidation proposed by the president. if you want to have the kind of growth that i hope we can have with a bigger consolidation, that one is being proposed by speaker boehner. >> thank you. >> i would like to focus on something that is probably more of interest to the economists and ordinary people. let's talk about ratios. what i heard you lay out, dr. zandi, was more of an ideal situation. they get you at roughly at $3 trillion. deficit-reduction over the course of 10 years. you we
CSPAN
Dec 4, 2012 6:00am EST
a better economy and that reduces the debt. >> there is a headline predicting we will be producing more oil than saudi arabia beginning in 2020. this is something almost on imagined 10 years ago. -- unimagined 10 years ago. what is the role of the federal government? >> to do things that encouraged the results. to follow up on the fiscal cliff. you can solve this fiscal problem if you grow our role to position relative to everybody else's. a big problem is the percentage of government spending is more than its should be related to total gdp. if there is an easier for millet in the history of economics that -- formula ever in the history of america -- economics that more american energy equals more american jobs, i don't know what it is. it is all the jobs you have if you of a reliable supply of energy. the front page of the "the wall street journal" indicates a difficulty of connecting this cheap product we have in natural gas. we thought we would run out natural-gas as a country. connecting this cheap product with a more expensive market and getting it overseas. if we could become energy s
CSPAN
Dec 4, 2012 5:00pm EST
balanced deficit reduction package that will do enormous good to our economy. and the kind of package that i should not leave out, that includes targeted investments so our economy continues to grow and create jobs. it would, as i said on a number of occasions, deficit reduction in an of itself is not a goal, it should be part of an economic plan is that is focused on economic growth and job creation. the president is very focus odden that. >> just a second ago, you referred to, when talking about the debt ceiling, taking it off the table, to be part of the deal. you referred to the economy being held hostage. you're aware that president obama voted against -- >> we addressed that. there was no threat of default at the time. what happened in 2011, as we all know because we all lived it, most of us in this room, was the threat of default, a willingness expressed by many to see the american economy under default and with all the consequent impacts on the global economy and on the american middle class. . in order to do that and was enormously damaging to consumer confidence.
CSPAN
Dec 7, 2012 8:00pm EST
and the economy and jobs have been prumped by the politics of immigration. i think there are four paths. one could be the pass the senate not be taken up in the senate. there is a lottery that would flult raising the overall level of immigration. if there was an agreement to include that that bill could be passed. a second option which is what the president has ind indicated he favors is to link high skilled immigration with the dream act. so it is a broader solution around immigration. the third would be to say this deals with the 50,000, this deals with a million five. the third would be deal with 11 million which clearly we have to as a nation deal with and there is a desire now more than there might have been a month ago to do. that and i've heard a number of people talk about the need to take up the issue and called for a comprehensive solution. so that's third. the fourth path would be to say that this immigration path in the short run is challenging and build support for the senator warner's bill, such as regulatory issues and commercialization of research. those strike me as the four paths
CSPAN
Dec 7, 2012 10:30pm EST
cuts and a weak economy. it is the lowest since 1950. to reverse the trend is a major breakthrough. yes, we are talking about deficit deduction. we are talking about raising revenue to a level in which can begin to support the kinds of investments we need to make to train our future work force and to create an environment in which we can care for the elderly. >> the think americans will remain optimistic but this did of the economy? if we have not tackle the things we have just talked about like the cost of education, the housing market? we are figuring out some philosophical issues about taxing and funding? >> i think the economy has been growing slowly and steadily all in the absence of any movement, which we have seen over the test of the last year. i have worked on guantanamo for the past 10 years. my sense is that if there is some movement until the positive direction, which have not seen out of washington and enter a long time, -- in a long time, at least we will not see head winds. we are making some progress. i see that continue. >> i want to come back to what todd said earlier.
CSPAN
Dec 5, 2012 6:00am EST
ago there were only 1 billion active participants in the global economy. it was really just the u.s., western europe, and japan. today there are 4 billion people participating in the economy. we have got the same antiquated tax system today that we had 20 years ago. we should be taking the opportunity there to look this thing and say, what does it take to be globally competitive today? yes, i was on the commission, and some might think i like that proposal a lot, which i did. it does not have to be exactly like that, but there are some principles that are a part. -- that are important in there. the whole idea of during individual corporate cap gains, do it all at the same time make sense. the territorial system for companies makes sense, with clauses so that nothing -- nothing screwy happens. then we relook at all these deductions, and we should be looking at do we want all these at a time when our economy needs more flexibility to respond to a very globally different place than we had 20 years ago. it is -- to pass up this -- i think it a shame to pass up this opportunity to actu
CSPAN
Dec 6, 2012 5:00pm EST
on the wealthiest individuals and the economy grew at its fastest rate in a generation. it added more than 22 million jobs. during the following eight years, the top marginal rate dax tax rate was lower, but economy never regained its strength from the reviews decade. middle-class families are vulnerable when the recession began at the end of 2007. i hope this hearing is helpful not just in this hearing, but across this country to people who are watching and waiting for congress to act. i will say more at the end about some of our members who are leaving. it is -- it has been an honor for me to serve as chairman of this committee and also served with my friend, kevin brady, as vice chair. he has been great to work with. i hope there'll be bipartisan success in congress. i look forward to working with him as i change seats in the senate for the next congress. i am grateful to our witnesses, whom i will introduce. before i do that, opening statements. >> i think the chairman for the recognition. this is the concluding hearing from the 112th congress. ,'m behalf of the vice chair kevin brady, on
CSPAN
Dec 8, 2012 2:00pm EST
economy standards and other reasons. we still continue to have a problem. the report we are releasing today and the subtitle says it all. harnessing american resources and innovation. how do we leverage this abundance we have in the united states to our maximum benefit? washington is talking about our fiscal crisis. the relationship of our oil needs to this crisis are close. it is unnecessary ingredients. every recession in modern times has been preceded by oil price hike. we can cut all we want and raise revenue, we will never find a way to solve our fiscal troubles. how do we leverage this great abundance in the united states of for resources and our skills to help the country through these times and put us on a good footing for the next 50 or 100 years. i think this report is the beginning of a process of creating an effective and stable bipartisan consensus on energy policy. everything is about the zero sum game in this town. we see oil security as a unifying vision where people do not have to compromise their core principles. the environmental community can see a reduction in the
CSPAN
Dec 7, 2012 1:00am EST
has indicated that he inks the debt limit crisis we had in august 2011 was bad for the economy and the country and that we should avoid it for the future. do you agree with that? >> first, yes. i think the best testament of this has been done by co- authors who have a very cool index of economic uncertainty. it is a very innovative paper. they estimated that the debt limit struggle probably subtracted about 1.5% from gdp growth during that summer when it was happening egos of the uncertainty and inactivity that was caused by levels of uncertainty. each time we go through that, there are consequences. i would like to add if that is what it takes to get spending under control, we need to concede that in the long run there will be a benefit, which means we do not have these deficits. in the fullness of time, whether a struggle last summer was worth it, if we have the spending cuts and deficits are lower, it might have higher economic growth in the long run because we went to that struggle last year. >> your position is that we should be ready to go through that struggle again and
CSPAN
Dec 7, 2012 2:00pm EST
to the fiscal cliff that is threatening our economy and jobs the white house has wastde another week. secretary gitener came here to offer a plan that had twice the tax hikes that the president campaigned on and had more stimulus spending thanned the in cuts. and an indefinite increase in the debt limit like for ever. now four days ago we offered a serious proposal based on testimony of president clinton's former chief of staff. since then there has been no count offer from the white house. instead reports indicate that the president has adopted a deliberate stradgeji to slow walk our economy right to the edge of the fiscal cliff. instead of reforming the tax code and cutting spending, the president wants to raise tax rates. but even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion dollar deficits for as far as the eye can see. washington has got a spending problem, not a revenue problem. if the president doesn't agree with our proposal, i believe he's got an obligation to families and small businesses to offer a plan of his own, a plan th
CSPAN
Dec 7, 2012 7:00am EST
of an economy that way. i think both sides now are going to have to make some kind of compromise. the republicans have me a in mind because i have a small business. 35% -- all of the other taxes that become involved, that small company cannot exist. who's to say it will not go to 69.4%? when will it stop? thank you very much. host: i also want to get david in on the democrats' line. caller: good morning. thank you to suspend for taking my call. sometimes i feel like c-span has changed their name to r-span if you know what i mean. a lot of right wing things going on. i think you are not quite as biased as you used to be. i hope we do go over the fiscal glove. the reason being, -- go over the fiscal cliff. the reason being, all bush era tax cuts will expire. the senate has already passed the bill for the middle class tax cuts to continue. let the republicans in the house go ahead and fight for the 2% when all of the -- when all will go into effect. take the senate's version. i think they have been sitting on it for eight months in the house. i think it is terrible to treat the amer
CSPAN
Dec 9, 2012 10:30am EST
it in a smart way that keeps our economy growing. earlier this year, congress extended the payroll tax cut through 2012. the two percentage point payroll tax cut has played an important role to sustain the recovery. boosting economic growth by an estimated 0.5% of one percentage point, and creating 400,000 jobs. we should continue the payroll tax cut through 2013, and yesterday i introduce legislation that would keep the employee payroll tax at 4.2% next year. to keep the economy growing -- there is good evidence of that in the last couple of months? job growth of about 511,000. to keep that momentum going, we should provide tax credits to small businesses. my legislation includes such an incentive for small businesses to grow. i am confident that congress will again be successful in reaching a compromise in the days ahead. i look forward to hearing today from the experts that we have before us today on how to reduce the deficit while protecting middle income families. as we enter the holiday season, americans should not have to face the uncertainty that many will face with regard to their
CSPAN
Dec 5, 2012 1:00am EST
the economy in the process. that would be a good start, as a backdrop. i want to touch on your question about corporate and individual taxes. the third piece is small businesses. we work out how develop a tax code that is good for competitiveness. you need to think about how those play into it. i think one of the things to keep hearing through messages with different groups of people is, while everybody is aware that the solution is going to take sacrifices from all sides, on spending, on revenues -- the confidence you get for putting the deal in place to actually has tremendous economic benefits. the cheapest form of stimulus is confidence. if we can put that in place, and people believe something is going to stick, it becomes easier to do your part in all of this. if the moving pieces and revenue are there, do not underestimate the benefit of what the future holds. >> this ties into michael's point. the productivity, the amount of money they get spent maintaining and administering the complex tax code is unbelievable. i would rather be spending that money. let us get on with building a busi
CSPAN
Dec 3, 2012 8:00pm EST
and the demand for oil -- actually, and the demand for oil continues to decline based on fuel economy standards and other reasons. and yet, with this revolution we still continue to have a problem. and i think the report that we're releasing today, the national strategy for energy security and its subtitle really says it all -- harnessing american resources innovation. and the first point is, how do we leverage this abundance we have in the united states to our maximum benefit? at a time when washington is talking about our fiscal crisis i'd say that the relationship of our oil needs to this crisis itself are close. it might not solve our fiscal crisis but clearly it's a necessary ingredient. every recession in the history of the united states in moden times has been preceded by or happening concurrent with an oil price spike. if we don't have continued growth we can cut all we want and raise revenue all we want, but we'll never find a way to solve our fiscal troubles. and i think this report really looks at how do we leverage this great abundance, this great blessing in the united states, both
CSPAN
Dec 6, 2012 8:00pm EST
. with just a few weeks ago before a potentially entirely avoidable blow to the economy, the president proposed a plan the members of his own party will even vote for. he is not interested in a balanced agreement, not particularly interested in avoiding the fiscal cliff, and clearly not interested at all in cutting any spending. with the president is really in, as we learned just yesterday, is getting as much taxpayer money as he can, first by raising taxes on small businesses who he believes are making too much money, and then on everybody else. not so he can lower the debt or the deficit, but so he can spend to his heart's content. for months, the president has been saying that all he wanted to raise taxes on the top 2% so he can tackle the debt and the deficit. however, yesterday, he finally revealed that that is not really is true intent. by demanding the power to raise the debt limit whenever he wants, by as much as he wants, he showed what he is really after is assuming unprecedented power to spend taxpayer dollars without any limit at all. this is not about getting a handle on d
CSPAN
Dec 8, 2012 7:00am EST
. it tells us what we know which is we have an almost stagnant economy. >> what is ok and what is troubling? guest: we are seeing some job creation. it is surprising the number of jobs created was 146,000. going into it, economists expected it to be half of that for two reasons. one was sandy up a center of the northeast. that through a lot of businesses offline. the other was economists thought businesses were getting freaked out by fiscal cliff situation in washington and basically would not necessarily be firing people basically putting everything on hold. they would simply not be making hiring decisions. there is other data saying that is what businesses are doing, and yet we saw a number saying all the new jobs. that indicates there is more momentum summer in the economy. host: retail is at the head of the list with 53,000 jobs. is that because of christmas? guest: they tried to take seasonal jobs out of it. that is not necessarily because of the holiday season. it does show consumers are shopping. that is one of the things you expect to come back early in a recession. those are not al
CSPAN
Dec 7, 2012 9:00am EST
of the economy right now. the idea that there is this diagnosis that, it is too bad you people are not employed, you people do not have the right skills, there is no evidence that is going on. host: jim on the republican line, from maine. caller: i thank unemployment is probably a good thing, but when you expanded too far, it put a really heavy burden on the employers. as one lady called in on the last segment, the state she was from is obviously much higher than made is, but when it gets to a point that your state system goes broke, they put fees on the employer, and they cannot afford to pay the rates. host: mr. tanner? guest: the unemployment tax is generally under 1% even when you include the match that goes into the extended benefits. we're already running in federal debt more than 100% of gdp. once you get over 60% to 70% of gdp, that begins to slow economic growth. we are costing jobs. that is because that money is -- players are looking down the road and saying they're going to have to pay more in the future. we simply cannot afford to spend money, especially we do not have, and still e
CSPAN
Dec 4, 2012 8:00pm EST
-- never rise above it, what does that say about our country? to me, it says our economy is failing to provide the basic security, much less rising wages. our schools are failing to provide a path out of poverty our families and communities are breaking down -- out of poverty. our families and communities are breaking down. our homes and neighborhoods. at a time of great consequence, the american people have chosen a divided government. it is up to us to make this divided government work. we have to set aside partisan concerns. how to work together to prepare this economy to get people back on their feet? how do we get this sense of real security and upper mobility for all americans, especially those in need? they are the same. the old ways will not do. we need new thinking and renewed efforts from all americans. it is true that president obama won reelection. i congratulate him on his victory. on january 20, he will face a a fiscal economy and and i mess. you might say he will inherit these problems. [laughter] [applause] he his second term, i hope t will offer fresh ideas. failure
CSPAN
Dec 3, 2012 5:00pm EST
market. it is just going to affect the economy the same as gas prices or food prices going up on the poor and middle class. life will go on. just like life has gone on for the rest of the united states of america. but right now, i think the state of politics is very sad because they're seen -- there seems to be more of a game to be played and positions, one party having the upper hand over the other. not much is going to get done. and you have too many extremes on each side to make things a lot more difficult to run. and it makes it difficult on the president as well. i'm optimistic that the president got reelected, but pessimistic on anything really changing. have leased, anytime soon. -- at least, any time soon. host: and talking about actual change, if there will be a difference on january 1st or otherwise, in terms of taxes, politics, the fiscal cliff, john mckinnon, are any of these expiring? as part of our fiscal cliff series, we're looking at the bush tax cuts that are set to expire unless congress acts, and we are looking at spending cuts. our deductions on the chopping block unle
CSPAN
Dec 4, 2012 1:00pm EST
forward, helping us revive this economy. we don't want to set them back. and so why not do what the senate did several months ago in passing a bill bipartisanly that protects the middle class from seeing their taxes raised? we only need a few dozen republicans, quite honestly, to get that done because we're about to sign a discharge petition that we are going to declare as democrats that we are ready to plass the middle class tax protection act which will make sure that middle-class families do not watch their taxes go up simply because republicans are intent on protecting millionaires and billionaires and are holding middle-class families hostage to that increasing tax. we believe we can end december, certainly before the holidays on a really good note, maybe still having some disagreement but at least let's agree that we're not going to let the american people watch congress play this game of chicken right before the holidays where the american people are the hostages when we know that we have bipartisan agreement on protecting the middle class. and so we are thrilled that mr. walz has t
CSPAN
Dec 4, 2012 10:00am EST
group and give to the other. some say go to the clinton tax rate. we had a booming economy and creating more jobs. if increasing taxes increases economic activity, why don't we go to a 95% tax rate and then we'll really have a booming economy? the reason that no one proposes that is because no one really believes that. that's why the accelerated tax rate that's being recommended by the white house is also being proposed by another stimulus plan, a spending plan. here's the example that i can talk about with this. when people talk about just raise taxes in the upper 2%, well, here's an example of what's being proposed by the president. capital gains will go to 28.3%. dividends will go from 15% to 43.4%. now, i have a lot of people that will say to me, just raise it on the upper bracket. but when i tell them, can i tell you what that means? their taxes go from 15% to 43.4%, i have yet someone stop me and say, that's fair. it sounds so much easier to say, raise it on someone else, not on us. we have to solve the problem. just raising taxes doesn't solve the problem. we're spending $1 trill
CSPAN
Dec 5, 2012 8:00pm EST
economy would take off and our country would be so much better off. >> chris, you understand the politics of the house from both sides. can john boehner cut a deal without eric cantor and paul ryan? >> i have a pretty good understanding of the house, but i always am a little afraid of wandering into house republican leadership politics. just to broaden the question a little bit -- i think the question is whether or not the speaker is going to be able to bring a good part of his caucus with him. that or require a united leadership team. >> i am talking short-term -- the next two or three weeks. >> i think that is going to be a requirement. i think one of the decisions the speaker will have to make is whether he is prepared to put a agreement on the floor of the house that might not have a majority of the republicans in the house in support. that is one of the questions. senator corker points out that there are a number of ways you can get to a yes on this, but it is not clear if there is a way to get to yes that necessarily brings a majority of house republicans. not that we cannot get a m
CSPAN
Dec 8, 2012 3:35pm EST
also mean a great deal to the economy as well. it is estimated that this tax cut for the middle-class, if not passed, there will be $200 billion taken out of the economy next year. that will determine how many waitresses are working here, how many people -- how many sales persons there are when you see if you can help your sister with her car at. that will determine whether or not you have a job when you graduate. it is going to make a difference to your kids. they are struggling, working hard on their own. whether your son can go back and get his master's or save what he can to get back. that is going to affect economic growth. what we have going now -- there can be no debate. some of my very conservative friends continue to try to reject it is awful hard for them to accept compromise. the economy is beginning -- continuing to move. having met with all the stakeholders, we have met with a number of ceo's, a number of companies and small business people, labor community, progressive groups. the interesting thing that the business folks are telling us about is the downside of goi
CSPAN
Dec 8, 2012 5:00pm EST
, the economy, and the future of transportation for tourism? in los angeles, tourism [unintelligible] we want tourist dollars and a california. those of the dollars that matter to us. the only thing i will ask is, there is always a bureaucracy that has to implement the plans, the progress, the process. can you tell me, secretary lahood, how has the california high speed rail authority been in working with your department? had it been open, responsive? is this a good agency as we move forward to build this project? let stand richard is an extraordinarily gifted chairman -- >> dan richard is an extraordinarily gifted chairman. he's knowledgeable about how to get things done in california. appointees ares very dedicated people. i had been impressed with the board. jeff morales is also a gifted individual and committed to doing this the right way and working with all the stakeholders in california. i think the right people are really in place right now. i would not have said that a couple years ago. i will tell you this, on a trip i made to california, i spent three days along the corridor. prima
CSPAN
Dec 9, 2012 6:30pm EST
our economy is failing to provide the basic security, much less rising wages. our schools are failing to provide a path out of poverty our families and communities are breaking out of poverty. our families and communities are breaking down. our homes and neighborhoods. at a time of great consequence, the american people have chosen a divided government. it is up to us to make this divided government work. we have to set aside partisan concerns. how to work together to prepare this economy to get people back on their feet? how do we get this sense of real security and upper mobility for all americans, especially those in need? they are the same. the old ways will not do. we need new thinking and renewed efforts from all americans. it is true that president obama won reelection. i congratulate him on his victory. on january 20, he will face a stagnant economy and a fiscal mess. you might say he will inherit these problems. bft -- [laughter] in his second term, i hope he will offer fresh ideas. failure will mean four more years. we have work to do. i'm proud of our ecampaign. i'm proud o
CSPAN
Dec 6, 2012 1:00am EST
to solve the fiscal cliff, the thing we have continued to look at is our economy. today in the whip's office we will have small family-owned businesses in there and talk about ways to protect the family business, continue to grow while at the same time make sure we solve this fiscal cliff. look, each and every day as we walk the halls, you continue to ask the questions. you want the answers to solving the fiscal cliff. we put the offer on the table and the president now has to engage. the next 72 hours are critical. if he sits back and continues to play politics, that will give you the answer of where we're going. this is the opportunity for the country to lead and opportunity for the president to lead. >> as these fiscal cliff negotiations and debate continues, i think it's important to remember that washington doesn't have a revenue problem, it has a spending problem. and under this administration, under president obama, we have seen record deficits and a record debt accumulate, and yet he keeps demanding that we raise taxes to pay for more spending. this will only hurt our econom
CSPAN
Dec 5, 2012 5:00pm EST
are the impediments to that? we have an economy that aren't creating enough of those middle-class jobs and we don't have enough people with skills to do those jobs and there are a lot of people that fall into those categories. access to education and the impediments i faced in my own life to education and how impossible it would have been for us to go to college if there weren't pell grants and student loans. it's the social realities and social changes that have occurred. you can't separate economic well-being from their social well-being. there are many young kids in america that are growing up in difficult circumstances raised by heroic parent, a grandmother in substandard housing, poor nutrition and schools that are failing. those kids are going to struggle. they don't go to after-school activities because the paints can't afford the fees. can you succeed? there are parents out there doing amazing things and will be the first ones to tell you, it is hard, but we can't be the country we need to be if we don't address that. government can have a role but civil society has a bigger role and we s
CSPAN
Dec 3, 2012 2:55pm EST
with what our expectation is in terms of how the economy is going to perform and what will happen to the trajectory of house prices. in an environment where the economy is strong, house prices in most markets are, at worst, flat, generally rising. i would agree that borrowers will be accumulating down payment, reasonably steady income. the risks of default are manageable, covered with in the premiums. the problem is we feel we are in an environment of slower economic growth. there is not a lot of when under the sales, which means that the possibility that you can have recession is more likely because you're starting from a lower growth rate. house prices may be on a much flatter trajectory. then it is a question about whether the low down payment program is necessarily the best, even for the borrower. when you factor in -- and here is where downpayment does matter, because it is the culmination of a bar or -- the combination of a borrower, that is the determination of whether you get a default. the possibility that house prices decline in your market. house prices are very sensiti
CSPAN
Dec 4, 2012 7:00am EST
in this country. theit has done nothing to stimulate jobs. it has done nothing to take our economy into a better shape. it was the bush tax cuts and the wars that drove us into this huge deficit that we have now. not the republicans' entitlements for this country and then we have neglected this country and the people of this country. we could have created jobs 10 times over. you have vets that are going to be coming back here, and where are the jobs for them? we have focused so much on these wars we got quagmired into, obama has been trying to get us out of them for the last four years. all the republicans have done for the last four years is say no, no, no to any kind of -- and obama has tried to push through bills to cut taxes for job creators, fo. host: for small businesses? caller: yes, for small businesses. host: here is reaction from senator lindsey gramm. he says this -- a republican from new jersey, go ahead. caller: i am calling in reference to this fiscal cliff. at this point, all the seniors are already in trouble. they are not going to get but a little increase. congress will automat
CSPAN
Dec 8, 2012 9:30pm EST
imperative in the catholic marketing economy, is to exploit labor. in a globalized economy, the need to be price competitive is greater than ever. since transportation costs have dropped in the last 90 years and x put the labor can be used, the entire world is in competition in a way never like before. slavery has evolved from the old world into the allies broke as a primary way in which unscrupulous producers compete to advance profits while maximizing price competitiveness. to take all this theoretical jargon into a specific example you will be familiar with, take a apples and your iphones. they have 700,000 manufacturing jobs in china. the daily wage average, someone can correct me, but the folksmaking these phones -- they make around $2 or $3 an hour. people ask why doesn't apple move the jobs here? you cannot find anyone here legally whose income would max out at $3. and transportation is so inexpensive, they commit them over here and ship -- make them over there and ship them here. they are not involved in slavery but i'm giving you the sense of sourcing of labor are round the
CSPAN
Dec 5, 2012 10:00am EST
. in conclusion, the bill will benefit our nation's economy by helping american innovators and businesses better protect their inventions overseas. i urge my colleagues to support the legislation, and i yield back the balance of my time. the speaker pro tempore: the gentleman yields back. the gentleman from texas. mr. smith: mr. speaker, we have no other speakers on this side. i yield back the balance of my time as well. the speaker pro tempore: the gentleman yields back. the question is will the house suspend the rules and pass senate 3486. those in favor will signify by saying aye. those opposed, no. in the opinion of the chair, 2/3 having responded in the affirmative, the rules are suspended, the bill is passed, and without objection the motion to reconsider is laid on the table. for what purpose does the gentleman from texas seek recognition? mr. smith: mr. speaker, i move that the house suspend the rules and pass s. 2367, the 21st century language act of 2012. the speaker pro tempore: the clerk will report the title of the bill. the clerk: senate 2367, an act to strike the word lunatic from
CSPAN
Dec 9, 2012 2:00pm EST
.4 trillion a regional economy, the largest in the country and it makes up 11% of the gdp of the entire country. just over a month ago, hurricane sandy brought the system to its knees. we experienced at an unprecedented level of destruction. left in the storm's wake were eight flooded subway tunnels and two the vehicular tunnels. 12 subway stations with major damage, some of them absolutely destroyed. we had railyards and maintenance shops under water and damage. just as the superstore was unprecedented, so was the level are preparation. we would shut down the entire system for the second time in our 100 year history. as it turns out, our preparations would not and could not have protected our entire systems for of the full force of sandy's wrath. at the height of the storm surge, the governor and i met and what we saw was truly unbelievable. we watched more than 86 million gallons of sea water flood and rush into the two tubes of that tunnel. it once the hurricane passed, our top priority was to restore service as quickly and safely as possible. i have to say i simply could not be more
CSPAN
Dec 9, 2012 6:00pm EST
the economy in new jersey and move it more quickly, we think that we can do a better job in leading new jersey with a number of candidates that might run. >> let me ask you more broad liquor about the kind of voters you are going after. in a lot of key states it seems like people vote differently for governor than they do from federal office. there has been democratic governors of oklahoma and you mentioned montana who is a ret state. how is that voters make that distinction between a democrat or a republican running for governor and the same candidate for federal office, house or senate? >> it is a different job. we have to balance budgets, we have to pay the bills. we have to implement the policies that create jobs. often people go to congress and they want people to shake it up. they want a governor who can balance a budget and know how to run a government but also can deliver on the pornts things that makes it different for job creation. we're the folks that run the education systems that allow us to have the work force, the 21st-century jobs. that is what we get from higher education to w
CSPAN
Dec 9, 2012 12:30am EST
to the global economy. the section that is very important -- i have gathered an extensive amount of data across the world, and by my calculation, the weighted average cost of a traffic slipped 200 years ago in 1810 was between $4,900.50 $900. there is a wide variance. -- $4,900 and $5,900. there are documents in bengal of people being sold for less than a cup of tea. many people were born into service. what is the cost of that? not too much. the average cost, the weighted average cost, has dropped precipitously. a calculated -- and how to light today the average is around $440. -- i calculate today the average is around $440. for sexual exploitation, a little more than 1900 dollars. you can still have people born into bondage and servitude today. you can have a victim of sex trafficking in western europe. the immediate economic consequence of this, appreciation and cost, it is an increase in return on investment, particularly when tied to the fact that you can exploit people in dozens of industries. the old world, calculated, roughly 15% or 20% return on investment. today, 300% or 400%. it migh
CSPAN
Dec 5, 2012 7:00am EST
. that would be good for stimulating the economy. but the big thing is hit there needs to be a balanced plan. we need more revenue and we need less spending at the federal level. what is good for california is not good for virginia and what's good for virginia is not good for maryland. maybe we need to focus on reducing the federal government overview. been there would not be as much spending or taxes needed. then let the states deal with the taxes they need to take care of their citizens. host: robert, milwaukee, democratic caller. caller: i would like to say that the republican party, not all of them, i think it's just the tea party, they are destroying the republican party. when i saw senator dole in his wheelchair yesterday and military disabled individuals throughout the world, when they did not pass the ada treaty, which was signed in 1990 by president george h. w. bush and then it continued on with president bush and clinton and everyone else thereafter, when they did that, now i understand they are just not the party that any of us would want to be involved with. that's all i have to
CSPAN
Dec 5, 2012 1:00pm EST
as anyone. i have sales for wal green's and cvs. that's tough to do in today's economy. $10,000. so that's why it's so interesting. look out here. of the -- almost 21 million tax returns filed, only 14 of them ended up having a tax associated with them, 425,000 were itemized. now i want you to think about that, mr. speaker. you know, most americans don't itemize on their taxes. they have the standard exemption, the standard deduction. most americans take that. even homeowners. of course, the mortgage interest deduction is the largest itemized deduction that most american families take followed by the charitable deduction. but most american families don't itemize at all. so you have to ask yourself, mr. speaker. who are the folks who are reporting under $10,000 a year in income who are doing all this itemizing? it's about 30-1. even down here among the richest of americans, mr. speaker, it's 1-1. 30-1. folks are gaming this tax code, gaming this tax code to participate not at all in the funding of our government. and when we get together here to try to think about how we take care of the
CSPAN
Dec 1, 2012 7:00pm EST
competitive and innovative economy. the former chief -- secretary of the army talked-about the problems in our education system and the relationship to the armed forces. the inability of 70% of americans to actually qualify for service and into the armed forces ought to be a red flag for anyone. there are other reasons for that -- incarceration, obesity. but a fair amount is people cannot pass the basic skills test to get into the military. just imagine that. a country, the most artful country in the world -- the most powerful country in the world and make cannot get people to pass a skills test to enter the army. few people start to learn foreign languages in a timely fashion. how many people can find the on the map that is not the united states of america? the fact that we do not have people who are prepared to go into the intelligence agencies. we are robbing ourselves of talent in the national security infrastructure. most importantly, it is a tragedy people will not be prepared for good jobs. it is a tragedy people cannot serve it into the armed forces or the foreign service for the intel
CSPAN
Dec 6, 2012 7:00am EST
is concerned about uncertainty. there is no uncertainty like the prospect that the largest economy that holds the world's reserve currency potentially defaults on its debts, that we give out the basic notion that the united states stands behind its obligations. we cannot afford -- host: whil"the wall street journal." guest: the president does not want to negotiate with the republicans on the debt ceiling. that is like giving a son or daughter a credit card to do with it as they want freely. i think the president has to admit that both sides have tried to break measures and legislations to the table that would reduce the debt ceiling. the president -- look at how the deficit has quadrupled since he has been in the white house and he wants to spend more money on his special programs. it will give him a full range to spend as he likes without any kind of restriction. it would be irresponsible for republicans and democrats to give this president that kind of power. host: jeff, good morning. caller: good morning. with republicans being cornered as far as the blame, why don't the republicans just v
CSPAN
Dec 9, 2012 5:35pm EST
and innovation can benefit the u.s. economy. speakers include gene sperling, harvard university president, and former congresswoman and portugal vice-president, susan molinari. - google vice-president, susan molinari. from the american enterprise institute, join us live, 5:30 p.m. eastern also here on c- span. president obama troubles monday to an auto plant in michigan to merge congress to extend tax breaks for 998% of americans.
CSPAN
Dec 6, 2012 10:00am EST
have quit taking the economy with it. providing the backstop for mortgage credit when public services flee from the market has a cost. the losses at f.h.a. to stem from the new now prohibited down payment program, heavy losses in the first mortgage program, and losses -- loans made at the height of the crisis to prevent a collapse of the housing market. while they have already taken action to pretext the financial mortgage fund for single family loans from seeking federal funds, the f.y. 2012 report suggests that much more needs to be done to prevent such a draw. i want to hear more today about the administration's actions and proposals to minimize the risk to taxpayers stemming from their business and what safeguards are in place to ensure the quality and sustainability of the program. if the administration's actions and proposals will not be sufficient to restore f.h.a.'s fiscal health, i'm inclined to work with my colleagues on both sides of the aisle on the banking committee to find a bipartisan way to make shoo -- that happen. before i turn to ranking member shelby, i want to rec
CSPAN
Dec 9, 2012 7:00am EST
of our economy calls for action bold and swift. we will react to lay a new foundation for growth. electrical grids that bind us together. we will restore science to its rightful place and raise health care quality and lower cost. we will harness the sun and the wind to run our factories and will transform our schools and colleges to meet the demands of a new age. all of this we can do. all of this we will do. there are some who question the scale of our ambitions to suggest our system cannot tolerate too many big plans. their memories are short. they have forgotten what this country has already done. what it free men and women can achieve when imagination joins a common purpose. host: his inaugural address from january 2009. the question is, as the president moves to a second term, what is your number one priority? the number one agenda item you think he needs to address? danny is joining us from west virginia on the democrats' line. caller: good morning. the first issue and the core of all of our problems is the free trade we have been engaging in for the last 20 years. if you l
CSPAN
Dec 9, 2012 10:00am EST
a strong candidate that concern the economy and moving more quickly we think that we can do a better job of leading new jersey with a number of the candidates. >> let me ask you more broadly about the kind of voters you are going after. in a lot if he states it seemed that people vote differently thafor state office and federal. he mentioned montana. -- you mentioned montana. how is that voters make the distinction between a democrat or a republican running for governor and the same candidate for the senate or house. >> is a very different job. we have to pay the bills. we have to implement the policies that create jobs. the public will also send folks to washington to go shake it up. they want a governor who not only can balance the budget and understand how to run a huge enterprise but also can deliver on the really important things that make a difference from job creation. we are the folks that run the education systems that allow us to have the workforce of 21st century jobs. that is what democratic governors get. the real obstacle to job growth is having the best education system, p
CSPAN
Dec 6, 2012 1:00pm EST
business with key sectors in the iranian economy, with energy and ship building and shipping and the ports, this amendment that would shut down businesses that are involved in sectors which fund the proliferation activities of iran and that regime is crucial. in addition, the amendment is going to prohibit business with all designated persons connected to the iranian government. it bans trades and commodities used in these key sectors and used to stop iran from receiving payment in gold or using oil payments in local currency then to buy gold and we have to stop an effort to water down these sanctions. i say that because i remember the votes in the past. i remember our effort on the central bank. it was only because we got unanimous votes because we got so much support that we were able to deploy those. but let me add that there is another portion of the amendment here that targets the regime for their human rights abuses. and i think one of the areas where we've been short, for those of you who have talked to to those in the prison there and experienced the torture, who have seen the murd
CSPAN
Dec 8, 2012 10:00am EST
's economy is slowing down. how is that going to affect china's relationship with us, and where do you -- where do you all see that going? >> i think it -- well, it was slowing down. i think -- kind of think it's bottomed out now. it may have bottomed out on kind of easy credit from these new forms of trust banks where property developers can get loans. but i think it's an entirely good thing and i think the leadership in china probably is much happier for growth to be around 7% anyway. i always think it's a very fake sort of argument or line that people say that china has to grow at 8% otherwise it falls apart. you can grow at 8% and be building steel mills, or you can grow at 7% and be building an entirely different form of economy. and hopefully, in theory, that's what they might be doing. i mean, i think china has got lots of growth left in it yet. and frankly, with the -- you know, europe in the doldrums potentially for many years, the u.s. still trying to reach velocity speed or whatever it's called, you know, i think china's growth is a very positive thing for the world and for
CSPAN
Dec 4, 2012 1:00am EST
cuts went into effect. they were always meant to be permanent. there were supposed to help the economy help growth going forward. we had a recession as part of the last decade. we have fairly strong growth from 2003 through 2007. we are still feeling the fallout from that today. raising tax rates on job creators and small businesses will cut back on job creation. we will see those who would have otherwise gone back to work failing to get a job going forward. guest: most small businesses are small. 97% of small businesses, their portions are tied to the middle class. it is important for their tax cuts to be extended. it is much less important for the high-income people to have theirs extended. if you're talking about the ceo who wants to play golf and also by a vote, maybe there could be more incentive to play golf, and work a little less. what economists find is the the work ethic for the high-income people is not very sensitive at all to the change in tax rates. that is why the cbo says that if the high end tax cuts go away, growth rates will only be affected by one-tenth of 1%, which
CSPAN
Dec 1, 2012 9:45pm EST
. i travel the world working to help people everywhere take part in the global economy, and we never lose sight of the fact that iranians deserve this no less than any other people. america's goal is to change the iranian leadership's calculus. we have worked with the p-5 plus 1 to put a credible offer on the table. if there is a viable diplomatic deal to be had, we will pursue it. and should iran finally be ready to engage in serious negotiations, we are ready. when iran is prepared to take confidence-building measures that are verifiable, we are prepared to reciprocate. what we will not do is talk indefinitely. the window for negotiation will not stay open forever. president obama has made that clear, and by now i think it should be clear this is a president who does not bluff. he says what he means, and he means what he says. the second shared goal i want to discuss is this -- now that rocket fire from gaza has stopped, america and israel have to work together with partners in the region to turn the ceasefire into a lasting calm. now, we have no illusions about those who launched
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